CFPB: New Proposed Rule Outlines Oversight of Big Tech Companies and Other Providers of Digital Wallets and Payment Apps
Proposed rule would subject large players to the same supervisory exam process as banks The Consumer Financial Protection Bureau (CFPB) is proposing to supervise larger nonbank companies that offer services like digital wallets and payment apps. Driven largely by Big Tech and other large technology firms, digital payment apps and wallets continue to grow in…
CFPB: New Report Issued on State Community Reinvestment Laws
State Community Reinvestment Acts demonstrate how states promote reinvestment activities for banks, credit unions and mortgage companies Today, the Consumer Financial Protection Bureau (CFPB) published a new analysis on state Community Reinvestment Act laws, highlighting how states ensure financial institutions’ lending, services, and investment activities meet the credit needs of their communities. The report examined…
CFPB: Report Finds Credit Card Companies Charged Consumers Record-High $130 Billion in Interest and Fees in 2022
Consumers with revolving debts on average pay far more in interest and fees than get back in rewards The Consumer Financial Protection Bureau (CFPB) today released its biennial report to Congress on the consumer credit card market. The report found that in 2022 credit card companies charged consumers more than $105 billion in interest and…
CFPB: Statement on the Final Rule Implementing the Community Reinvestment Act
Banks are not ordinary businesses. They are critical infrastructure of the economy. This is why we provide them with many public benefits, and in exchange, they have obligations to meet the “convenience and needs” of the communities they serve. The final rule is the product of compromise between the Federal Deposit Insurance Corporation, the Office…
CFPB: Proposed Rule Issued to Jumpstart Competition and Accelerate Shift to Open Banking
Personal Financial Data Rights rule would challenge industry to compete for customers, protect consumers from excessive surveillance, and help people walk away from bad service Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would accelerate a shift toward open banking, where consumers would have control over data about their financial lives and…
Joint Statement Issued Cautioning that Financial Institutions May Not Use Immigration Status to Illegally Discriminate Against Credit Applicants
Borrowers report being denied loans because of their immigration status The Consumer Financial Protection Bureau (CFPB) and Justice Department today issued a joint statement that reminds financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race, and other characteristics covered by the Equal Credit Opportunity Act, regardless…
CFPB: New Guidance Issued to Halt Large Banks from Charging Junk Fees for Basic Customer Service
Advisory opinion provides guidance on 2010 legal provision regarding customer service by large financial firms Today, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion regarding a provision enacted by Congress which generally prohibits large banks and credit unions from imposing unreasonable obstacles on customers, such as charging excessive fees, for basic information about…
CFPB: Exams Return $140 Million to Consumers Hit by Illegal Junk Fees in Banking, Auto Loans and Remittances
New report shows most institutions have eliminated NSF fees, saving consumers $2 billion every year Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights focused on the agency’s efforts to protect consumers from illegal junk fees. The junk fees discussed in the report – including fees for fake paper…
CFPB: Advisory Committee Appointments Announced
Today, the Consumer Financial Protection Bureau (CFPB) announced the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. The Dodd-Frank Wall Street Reform and Consumer Protection Act charges the CFPB with establishing a Consumer Advisory Board to provide advice on a variety of…
CFPB: Mortgage Report Finds Jumps in Closing Costs and Denials for Insufficent Income; Growing Proportion of Cash-Out Refinances
Overall mortgage lending falls amid significant rise in interest rates and discount points Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on residential mortgage lending activity and trends. In 2022, mortgage applications and originations declined markedly from the prior year, while rates, fees, discount points, and other costs increased. Overall affordability declined…